Resilient local franchise and solid links with rural areas. Available credit enhancement that well exceeds the credit enhancement required at the current rating level. The program benefits from a public overcollateralization commitment. Relatively high percentage of reperforming loans in the commercial pool, which we consider to have a higher probability of default. The balance of defaulted loans remains high, although it has decreased compared to previous reviews. Relatively high concentration of mortgage loans in Spain´s Southern Mediterranean basin. S&P Global Ratings' stable outlook on its ratings on the mortgage covered bonds ("Cedulas Hipotecarias" or CHs) issued by Spain-based Cajamar Caja Rural S.C.C. (Cajamar) reflects the stable outlook on its long-term issuer credit rating (ICR, BB/Stable/B). There are no unused notches
